Sell Mahindra & Mahindra, says CA Rudramurthy BV

CA Rudramurthy BV - Research Head at Vachana Investments told CNBC-TV18, "Even though the fundamental news is definitely on the weaker side in Mahindra & Mahindra (M&M), on the charts itself we saw a clear breakdown below Rs 250 levels. For me M&M is still a sell even at current level and I am seeing even point of control shifting downside on the market flow charts. Even deliver based selling is happening. Open interest is getting build up with prices moving downward. So these are all enough for me to continue selling M&M. I see target of Rs 1,150 to come within two-three trading sessions and one can have a strict stop loss of Rs 1,227."At 12:55 hrs Mahindra and Mahindra was quoting at Rs 1,206.00, down Rs 12.90, or 1.06 percent. It has touched an intraday high of Rs 1,218.35 and an intraday low of Rs 1,196.30.